- Russia plans to leverage these private exchanges to conduct cross-border transactions and escape Western sanctions.
- Russian lawmakers and the country’s Ministry of Finance strongly opposed the idea of a single, state-backed exchange.
- Russian lawmakers currently prioritize regulating the process of setting up new crypto exchanges
Russia seems set to abandon its previous plans of launching a national crypto exchange and instead settle for the option of regulating different cryptocurrency trading platforms. Russian lawmakers introduced the possibility of a state-run crypto exchange last November, but State Duma member Anatoly Aksakov claims that such plans have been dropped in favor of a new policy that seeks to support multiple trading platforms.
Russia’s Ministry of Finance reportedly did not support the plans for a national crypto exchange. However, Aksakov noted that Russian lawmakers are in favor of a new framework that would support the use of crypto exchanges for cross-border settlement
The new structure will allow local businesses to leverage crypto exchanges to escape international sanctions, according to local reports. Aksakov revealed that Russia plans to keep researching and creating new crypto platforms in reaction to Western sanctions
The head of the State Duma’s Committee on Financial Markets explained that regulating the process of establishing new cryptocurrency platforms and organizations is currently the top priority among Russian lawmakers. He disclosed that regulations for these exchanges would be set up by the end of 2023 and would be included in a future draft law
According to Aksakov, the Russian central bank is likely to be in charge of regulating these private cryptocurrency exchanges. However, Bank of Russia deputy governor Alexey Guznov warned against referring to these exchanges as typical cryptocurrency exchanges.
He claimed that these exchanges would likely serve as institutions that facilitate interactions between exporters and importers to promote cross-border transactions. Guznov suggested that private crypto exchanges could offer services such as payment processing for parallel imports to Russian businesses.
Despite Russia’s plans to use crypto for cross-border settlement, the use of crypto for payments within Russia remains banned
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